BREAKING - Game goes into administration (UPDATED)

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A UK retailing giant with a presence in Skegness has gone into administration.

Game, which operates a store in the Hildreds Centre, made the announcement a short time ago in a move that closely followed the suspension of the firm’s shares on the London Stock Exchange earlier today.

The Game store in Skegness.

The Game store in Skegness.

Game’s many stores will continue to trade for the time being.

Meanwhile, Comet owner OpCapita is said to remain interested in buying up the group, and is said to have the money in place to pay off all of Game’s debts - but is reportedly being delayed in its purchase by the Royal Bank of Scotland. The bank is one of several lenders owed money by Game.

Game is also said to be considering closing down its GameStation stores in a bid to save the group as a whole.

This would have no impact on Skegness but would hit gaming retail in nearby Boston, which is home to one of GameStation’s outlets.